EUR/USD advances towards 1.0920 ahead of the ECB minutes and EU Retail Sales

• EUR/USD is marching towards 1.0920 on optimism of monthly Retail Sales.
• The ECB minutes will dictate the mathematics behind the unchanged policy stance in March.
• Falling US Treasury yields have kept the DXY on the sidelines.

The EUR/USD pair is displaying a bullish open drive trading session on Thursday as investors are awaiting the release of European Central Bank (ECB) meeting minutes and Retail Sales data, which are due on Thursday. The major started scaling higher right from the first opening tick at 1.0898

The minutes from the ECB will dictate detailed insights regarding the stance of the ECB policymakers on the monetary policy announced in March. Apart from that, the monthly and yearly Retail Sales by Eurostat will have a significant impact on the shared currency. A preliminary estimate for the monthly and yearly Retail Sales is 0.6% and 4.8% respectively. However, the previous prints of monthly and yearly Retail Sales were 0.2% and 7.8% respectively.

Earlier, the major has remained vulnerable in the past few trading sessions amid the escalation of recession fears due to the Ukraine crisis. The discussions over the European Union (EU)’s embargo on Russian oil brought an intensified sell-off in the asset. Europe addresses more than 25% of its oil demand from Russia and an overnight ban on Russian oil may raise hopes of stagflation in the Eurozone.

Meanwhile, the US dollar index (DXY) is oscillating in a narrow range of 99.55-99.65 in the Tokyo session amid falling US Treasury yields. The 10-year US Treasury yields have slipped near 2.58% after registering a fresh three-year high at 2.66%.